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Investments | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
| December 31, 2018
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 99,926 |  |  | $ | — |  |  | $ | (1,428 | ) |  | $ | 98,498 |
Obligations of states and political subdivisions | 26,566 |  |  | 327 |  |  | (83 | ) |  | 26,810 |
Agency mortgage-backed securities | 596,825 |  |  | 1,160 |  |  | (11,849 | ) |  | 586,136 |
U.S. Treasury Bills | 9,962 |  |  | — |  |  | (37 | ) |  | 9,925 |
Total securities available for sale | $ | 733,279 |  |  | $ | 1,487 |  |  | $ | (13,397 | ) |  | $ | 721,369 |
Held to maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 12,506 |  |  | $ | 16 |  |  | $ | (114 | ) |  | $ | 12,408 |
Agency mortgage-backed securities | 53,173 |  |  | — |  |  | (1,647 | ) |  | 51,526 |
Total securities held to maturity | $ | 65,679 |  |  | $ | 16 |  |  | $ | (1,761 | ) |  | $ | 63,934 |
| December 31, 2017
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 99,878 |  |  | $ | 6 |  |  | $ | (660 | ) |  | $ | 99,224 |
Obligations of states and political subdivisions | 34,181 |  |  | 674 |  |  | (213 | ) |  | 34,642 |
Agency mortgage-backed securities | 513,082 |  |  | 727 |  |  | (6,293 | ) |  | 507,516 |
Total securities available for sale | $ | 647,141 |  |  | $ | 1,407 |  |  | $ | (7,166 | ) |  | $ | 641,382 |
Held to maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 14,031 |  |  | $ | 69 |  |  | $ | (46 | ) |  | $ | 14,054 |
Agency mortgage-backed securities | 59,718 |  |  | 16 |  |  | (330 | ) |  | 59,404 |
Total securities held to maturity | $ | 73,749 |  |  | $ | 85 |  |  | $ | (376 | ) |  | $ | 73,458 |
At December 31, 2018, and 2017, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $433.7 million and $500.0 million at December 31, 2018, and December 31, 2017, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 4 years.
| Available for sale |  | Held to maturity
(in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 22,357 |  |  | $ | 22,213 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 100,084 |  |  | 98,876 |  |  | 2,080 |  |  | 2,063 |
Due after five years through ten years | 11,881 |  |  | 12,038 |  |  | 10,426 |  |  | 10,345 |
Due after ten years | 2,132 |  |  | 2,106 |  |  | — |  |  | — |
Agency mortgage-backed securities | 596,825 |  |  | 586,136 |  |  | 53,173 |  |  | 51,526 |
| $ | 733,279 |  |  | $ | 721,369 |  |  | $ | 65,679 |  |  | $ | 63,934 |
The following table represents a summary of investment securities that had an unrealized loss:
| December 31, 2018
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 19,622 |  |  | $ | 322 |  |  | $ | 78,876 |  |  | $ | 1,106 |  |  | $ | 98,498 |  |  | $ | 1,428 |
Obligations of states and political subdivisions | 3,102 |  |  | 15 |  |  | 14,156 |  |  | 182 |  |  | 17,258 |  |  | 197 |
Agency mortgage-backed securities | 87,357 |  |  | 2,211 |  |  | 389,770 |  |  | 11,285 |  |  | 477,127 |  |  | 13,496 |
U.S. Treasury Bills | — |  |  | — |  |  | 9,925 |  |  | 37 |  |  | 9,925 |  |  | 37 |
| $ | 110,081 |  |  | $ | 2,548 |  |  | $ | 492,727 |  |  | $ | 12,610 |  |  | $ | 602,808 |  |  | $ | 15,158 |
| December 31, 2017
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of states and political subdivisions | $ | 13,951 |  |  | $ | 259 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,951 |  |  | $ | 259 |
Agency mortgage-backed securities | 469,655 |  |  | 6,034 |  |  | 12,229 |  |  | 589 |  |  | 481,884 |  |  | 6,623 |
| $ | 572,915 |  |  | $ | 6,953 |  |  | $ | 12,229 |  |  | $ | 589 |  |  | $ | 585,144 |  |  | $ | 7,542 |
The unrealized losses at both December 31, 2018, and 2017, were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. At December 31, 2018 and 2017, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. The gross gains and losses realized from sales of available for sale investment securities were as follows:
| December 31,
(in thousands) | 2018 |  | 2017 |  | 2016
Gross gains realized | $ | 9 |  |  | $ | 22 |  |  | $ | 86 |
Gross losses realized | — |  |  | — |  |  | — |
Proceeds from sales | 1,451 |  |  | 144,076 |  |  | 2,493 |
Other Investments, At Cost At both December 31, 2018, and 2017, other investments, at cost, totaled $26.7 million. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB Des Moines consisting of membership stock and activity-based stock. The FHLB capital stock of $9.2 million, and $12.9 million at December 31, 2018, and 2017, respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include various investments in SBICs and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties (see Note 10 – Subordinated Debentures).

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